BUZZ-Advance Auto Parts shares fall after lowering annual forecasts

Reuters11-14
BUZZ-Advance Auto Parts shares fall after lowering annual forecasts

** Advance Auto Parts' AAP.N shares fall 4.5% to $39 premarket

** AAP forecasts FY 2025 net sales between $8.4 bln and $8.6 bln, missing expectations of $10.77 bln - LSEG data

** Co also lowers its FY 2024 forecast and posts lower than expected Q3 results

** AAP has missed earnings expectations for the past six quarters - LSEG data

** Co says it is planning to lay off some employees and close about 500 stores; U.S. auto industry is facing operational snags and inventory build-up

** Two of 28 brokerages rate the stock "buy" or higher, 23 "hold" and three "sell" or lower; their median PT is $44.5

** Shares of rivals AutoZone AZO.N and O'Reilly Automotive ORLY.O were marginally higher in thin trading

** Up to last close, stock had fallen 33% YTD, and is down over 80% from record high hit about three years ago

(Reporting by Johann M Cherian in Bengaluru)

((johann.mcherian@thomsonreuters.com;))

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